SOCIAL RENT

The Local Authority/Housing Association Landlord signs up to the service with Clockwise Credit Union and agrees to some simple terms and conditions.

Landlord staff will open a Clockwise Rent Payment Accounts with the tenant and will help tenant arrange to have all or part of their income paid into it. This may be wages, their Universal Credit payment or any other benefit income.

The tenant instructs the benefit office or employer to deposit the money into their Rent Direct account where Clockwise safeguards the agreed rent amount and the makes the payment to the landlord on an agreed date.

The landlord pays for the Membership to the Credit Union and each payment that is made to them on behalf of the tenant.

Any remaining money from wages or universal credit not used for rent payment is transferred back to the tenant to an account of their choice on the same day that it is received by Clockwise.

The landlord will receive one month’s notice if the payment is cancelled by the tenant.

The landlord will be notified if there are insufficient funds available to pay the rent on the day it is due.

To see if your Landlord is participating in the scheme visit the East Midlands Credit Union website for more details www.emheartcu.coop